Interface Devices Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01825474 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

FOR

INTERFACE DEVICES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I R Casselden

M Love

Mrs H O'Shaughnessy

SECRETARY:

Mrs H O'Shaughnessy

REGISTERED OFFICE:

Unit 4

Brunel Road

Churchfields Industrial Estate

St. Leonards On Sea

East Sussex

TN38 9RT

REGISTERED NUMBER:

01825474 (England and Wales)

ACCOUNTANTS:

Xynamo 5 Ltd

Chartered Accountants

2 Upperton Gardens

Eastbourne

East Sussex

BN21 2AH

FIXED ASSETS

Intangible assets

3

-

-

Property, plant and equipment

4

16,832

15,668

Investments

5

79,229

79,229

96,061

94,897

CURRENT ASSETS

Debtors

6

1,159,984

951,456

Cash at bank and in hand

346,639

309,396

1,506,623

1,260,852

CREDITORS

Amounts falling due within one year

7

116,444

29,196

NET CURRENT ASSETS

1,390,179

1,231,656

TOTAL ASSETS LESS CURRENT LIABILITIES

1,486,240

1,326,553

CREDITORS

Amounts falling due after more than one year

8

50,000

-

NET ASSETS

1,436,240

1,326,553

CAPITAL AND RESERVES

Called up share capital

9

24,742

24,742

Share premium

10

9,000

9,000

Capital redemption reserve

10

104,000

104,000

Retained earnings

10

1,298,498

1,188,811

SHAREHOLDERS' FUNDS

1,436,240

1,326,553

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2021 and were signed on its behalf by:

I R Casselden - Director

M Love - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

Over the term of the lease

Plant and machinery

-

25% on cost and 20% on cost

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on cost

Computer equipment

-

Straight line over 3 years

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Intellectual property licence

In previous years the directors reviewed the remaining useful life of the licence rights and concluded that given the reduction in related fees the rights had negligible value. Amortisation was therefore provided to bring the net book value of the asset to £2000.

Consolidation

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 248 of the Companies Act 1985 not to prepare group accounts.

Fixed asset investments

Investments are stated at cost less provision for any permanent diminution in value.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2020 - 12 ) .

3.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 March 2020

and 28 February 2021

59,785

AMORTISATION

At 1 March 2020

and 28 February 2021

59,785

NET BOOK VALUE

At 28 February 2021

-

At 29 February 2020

-

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 March 2020

22,545

114,086

119,001

Additions

-

-

-

Disposals

-

-

-

At 28 February 2021

22,545

114,086

119,001

DEPRECIATION

At 1 March 2020

22,545

114,064

103,923

Charge for year

-

22

4,893

Eliminated on disposal

-

-

-

At 28 February 2021

22,545

114,086

108,816

NET BOOK VALUE

At 28 February 2021

-

-

10,185

At 29 February 2020

-

22

15,078

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 March 2020

360

165,215

421,207

Additions

-

7,459

7,459

Disposals

-

(17,638

)

(17,638

)

At 28 February 2021

360

155,036

411,028

DEPRECIATION

At 1 March 2020

360

164,647

405,539

Charge for year

-

1,380

6,295

Eliminated on disposal

-

(17,638

)

(17,638

)

At 28 February 2021

360

148,389

394,196

NET BOOK VALUE

At 28 February 2021

-

6,647

16,832

At 29 February 2020

-

568

15,668

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 March 2020

and 28 February 2021

79,980

PROVISIONS

At 1 March 2020

and 28 February 2021

751

NET BOOK VALUE

At 28 February 2021

79,229

At 29 February 2020

79,229

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

443,879

296,929

Other debtors

101,524

13,124

Amounts owed by related undertakings

604,687

639,737

Prepayments and accrued income

9,894

1,666

1,159,984

951,456

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Pension Fund loan

420

434

Trade creditors

35,984

4,419

Social security and other taxes

22,556

6,889

VAT

23,540

9,921

Other creditors

3,927

3,532

Amounts due to related undertakings

548

548

Directors' loan accounts

752

18

Accrued expenses

28,717

3,435

116,444

29,196

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 2-5 years

50,000

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

24,742

Ordinary

£1

24,742

24,742

The 24,742 £1 Ordinary shares per the allotted, issued and fully paid share capital above are split as follows:

£1 Ordinary shares

12,400

£1 Ordinary A shares

4,800

£1 Ordinary B shares

4,800

£1 Ordinary C shares

2,000

£1 Ordinary D shares

742

10.

RESERVES

Capital

Retained

Share

redemption

earnings

premium

reserve

Totals

£

£

£

£

At 1 March 2020

1,188,811

9,000

104,000

1,301,811

Profit for the year

123,687

123,687

Dividends

(14,000

)

(14,000

)

At 28 February 2021

1,298,498

9,000

104,000

1,411,498

11.	CONTINGENT LIABILITIES

The company has in place a unlimited multilateral guarantee dated 8 August 1996 where it has undertaken to discharge any liabilities which may result from the balance sheet deficiencies of its subsidiaries. The value of this guarantee is reflected in the note of subsidiary undertakings.

12.	FIXED AND FLOATING CHARGE

There is a fixed and floating charge over the assets of the company dated 19 January 2010, in favour of HSBC Bank PLC.

13.	RELATED PARTY DISCLOSURES

The following balances existed at the year end with related parties:

2021

2020

£

£

Amounts owed by related undertakings:

IDL Ltd (Interface Systems Limited)

634

634

Battle Helicopters Limited

12,474

12,601

Interface Precision Engineering Limited

3,575

20,386

50 North Limited

16,527

16,527

Courtesy Call Limited

129,184

129,184

Interface Sheet Metal & Paint Ltd

48,323

50,444

Eddystone Broadcast Ltd

339,809

319,357

IPGI Limited

50,982

48,885

Interface Manufacturing Ltd

3,180

42,159

Amounts owed to related undertakings:

Interface Con-X Limited

548

548

During the year, the company made purchases from Interface Manufacturing Limited totalling £79,079 (2020:£24,581) and sales to them of £120,770 (2020:£99,658 ). A management charge of £112,066 (2020:£93,142) was charged to Interface Manufacturing Limited for the year ended 28 February 2021. At the year end a creditor balance of £3,624 (2020:£2,594.24) existed and a debtor balance of £40,394 (2020:£76,904).

During the year the company traded with Eddystone Broadcast Limited. At the year end a debtor balance £ 263,122 (2020:£192,949) was due from the company and creditor balance of Nil (2020: £Nil) was due to the company.The value of purchases during the year was Nil and sales were £209,955 (2020: £207,355). A management charge of £26,147 (2020 £44,464) was made during the year.

During the year the company made purchases from Interface Precision Engineering Limited totalling £Nil (2020:£Nil) and sales to them of £91,300 (2020:£62,128). A management charge of £63,954 (2020:£62,128) was charged to Interface Precision Enginerring limited for the year ended 28 February 2021. At the year end a creditor balance of £Nil (2020:Nil) existed and a debtor balance of £24,774 (2020:£5,282).

During the year the company traded with Interface Sheet Metal & Paint Limited. The value of sales in the period was £32.207 (2020 £29,759).The debtor balance at 28 February 2021 was £8,052 (2020:£7,587) & creditors balance Nil (2020:£Nil).

14.	ULTIMATE CONTROLLING PARTY

Mr I R Casselden is both a director and the majority shareholder in the company and is considered to be it's ultimate controlling party.